Consolidated Financial Statements. twenty12

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1 Consolidated Financial Statements twenty12

2 Contents Auditor's Report...4 Consolidated Balance Sheets...5 Consolidated Income Statements...6 Consolidated Statements of Comprehensive Income...7 Comprehensive Statements of Changes in Consolidated Equity...8 Consolidated Statements of Cash Flows Nature, activities and composition of the Group Accounting principles used Distribution of earnings for the year Deposit Guarantee Fund Accounting standards and valuation rules applied Cash and balances with central banks Trading portfolio of assets and liabilities and Other financial assets and liabilities at fair value with changes through profit and loss Available-for-sale financial assets Held-to-maturity investments Loans and receivables Asset and liability hedging derivatives Non-current assets held for sale Investments in associates Property, plant and equipment Intangible assets Reinsurance assets Tax assets and liabilities Other assets and liabilities Financial liabilities at amortised cost Liabilities under insurance contracts Provisions Equity Valuation adjustments (equity) Contingent risks and commitments Transfers of financial assets Other memorandum accounts - financial derivatives Personnel expenses Fee income and expense Interest and similar charges/income Gains/Losses on financial transactions Exchange differences (net) Other general administrative expenses Other operating income and expenses Gains and losses on derecognition of assets not classified as non-current assets held for sale and gains and losses on non-current assets held for sale not classified as discontinued operations Transactions and balances with related parties Remuneration and balances with members of the Board of Directors Environmental information Customer Support service Branches, centres and agents Fiduciary business and investment services Auditors remuneration Tax situation Assets and liabilities valued other than at fair value Risk policies and management Information by segments Equity holdings in credit institutions Information required under Act 2/1981, of 25 March, on Mortgage Market Regulation and under Royal Decree 719/2009, of 24 April, which implements certain aspects of said law Exposure to the construction and property development sector Additional information on risks: refinancing and restructuring transactions. Geographical and sector risk concentration Events after the reporting period Appendices I Transactions with related parties II Information by segment III Financial Statements of, S.A IV Individualised information on certain issues, buybacks or reimbursements of debt securities MANAGEMENT REPORT...159

3 Group Consolidated annual financial on the year ended ended 31 December 2012 and Consolidated Management Report and Audit Report 3 Group Consolidated Annual Accounts 2012

4 4 Group Consolidated Annual Accounts 2012

5 BANKINTER GROUP, CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2012 AND 2011 () ASSETS Note 31/12/ /12/2011 (*) LIABILITIES AND EQUITY Note 31/12/ /12/2011 (*) CASH AND BALANCES WITH CENTRAL BANKS 6 665, ,795 LIABILITIES FINANCIAL ASSETS HELD FOR TRADING 7 2,109,264 2,415,506 FINANCIAL LIABILITIES HELD FOR TRADING 7 1,797,324 2,360,584 Debt instruments 1,391,681 1,768,879 Trading derivatives 434, ,273 Equity instruments 61, ,733 Short positions in securities 1,362,732 1,503,311 Trading derivatives 656, ,894 Memorandum items: Loaned or advanced as collateral 1,391,681 1,768,879 OTHER FINANCIAL LIABILITIES AT FAIR VALUE OTHER FINANCIAL ASSETS AT FAIR WITH CHANGES IN PROFIT AND LOSS VALUE THROUGH PROFIT OR LOSS 7 39,860 31,377 Customer deposits - - Equity instruments 39,860 31,377 FINANCIAL LIABILITIES AT AMORTISED Memorandum items: Loaned or advanced as collateral - - COST 19 52,079,071 52,929,285 Deposits from central banks 9,580,854 7,006,897 AVAILABLE-FOR-SALE FINANCIAL ASSETS 8 6,132,471 4,776,069 Deposits from credit institutions 4,008,226 3,260,647 Debt instruments 5,971,654 4,644,306 Customer deposits 24,631,869 25,505,317 Equity instruments 160, ,763 Marketable debt securities 12,499,194 15,540,242 Memorandum items: Loaned or advanced as collateral 1,719,346 3,074,142 Subordinated liabilities 767, ,170 Other financial liabilities 591, ,012 LOANS AND RECEIVABLES 10 44,751,950 47,167,367 Deposits with credit institutions 1,093,728 1,779,395 MACRO-HEDGING ADJUSTMENTS TO - - Loans and advances to customers 43,575,351 45,387,972 FINANCIAL LIABILITIES Debt instruments 82,871 - Memorandum items: Loaned or advanced as collateral 414, ,667 HEDGING DERIVATIVES 11 43,100 68,677 HELD TO MATURITY INVESTMENTS 9 2,755,355 3,150,930 LIABILITIES ASSOCIATED WITH NON-CURRENT ASSETS HELD FOR SALE - - Memorandum items: Loaned or advanced as collateral - - LIABILITIES UNDER INSURANCE CONTRACTS , ,782 MACRO-HEDGING ADJUSTMENTS TO FINANCIAL ASSETS 11 3,018 11,463 PROVISIONS 21 48,200 64,122 Pension funds and similar obligations 2,811 5,245 HEDGING DERIVATIVES , ,651 Provisions for contingent risks and commitments 5,139 20,626 Other provisions 1,899 38,251 NON-CURRENT ASSETS HELD FOR SALE , ,514 Allowances for taxes and other legal contingencies 38,351 - INVESTMENTS 13 40,600 28,341 TAX LIABILITIES , ,555 Associates 40,279 26,301 Current 73,636 70,572 Jointly controlled entities 321 2,040 Deferred 147, ,983 PENSION-LINKED INSURANCE AGREEMENTS 27 2,750 5,140 OTHER LIABILITIES , ,425 REINSURANCE ASSETS 16 3,966 3,928 TOTAL LIABILITIES 54,934,793 56,404,430 TANGIBLE ASSETS , ,901 EQUITY 3,231,097 3,086,996 Property, plant and equipment 433, ,901 EQUITY 22 3,228,045 3,118,641 For internal use 404, ,354 Capital 169, ,076 Assigned on lease 29,249 31,547 Registered 169, ,076 Real estate investments 8,952 - Issue premium 1,118, ,079 Memorandum item: acquired under finance lease - - Reserves 1,789,781 1,711,705 Accumulated reserves (losses) 1,784,859 1,700,635 INTANGIBLE ASSETS , ,040 Accumulated reserves (losses) of entities accounted for using the equity method 4,922 11,070 Goodwill 161, ,836 Other equity instruments 72, ,812 Other intangible assets 155, ,204 Remaining equity instruments 72, ,812 TAX ASSETS , ,271 Less: treasury shares (226) (742) Current 86,953 55,742 Profit (loss) attributable to owners of the parent company 124, ,227 Deferred 148, ,529 Less: dividends and remuneration (46,125) (58,516) OTHER ASSETS ,625 97,132 VALUATION ADJUSTMENTS 23 3,052 (31,645) Other 132,625 97,132 Financial assets available for sale 3,145 (29,248) Exchange differences Other valuation adjustments - - Entities valued under the equity method (302) (2,603) MINORITY INTERESTS TOTAL ASSETS 58,165,890 59,491,426 TOTAL LIABILITIES AND EQUITY 58,165,890 59,491,426 MEMORANDUM ITEMS: CONTINGENT RISKS 24 2,482,865 2,439,670 CONTINGENT COMMITMENTS 24 11,239,659 9,208,807 (*) Shown solely for purposes of comparison Notes 1 to 49 contained in the report and Appendices I to IV form an integral part of the consolidated balance sheet as at 31 December Group Consolidated Annual Accounts 2012

6 BANKINTER GROUP, CONSOLIDATED INCOME STATEMENT FOR THE YEARS ENDED 31 DECEMBER 2012 AND 2011 () (Debit) Credit Note (*) INTEREST AND SIMILAR INCOME 29 1,707,696 1,636,295 INTEREST EXPENSE AND SIMILAR CHARGES 29 (1,047,441) (1,093,620) NET INTEREST INCOME 660, ,675 INCOME FROM EQUITY INSTRUMENTS 11,791 16,491 SHARE OF RESULTS OF ENTITIES ACCOUNTED FOR USING THE EQUITY METHOD 22 17,677 14,675 FEES AND COMMISSIONS INCOME , ,641 FEES AND COMMISSIONS EXPENSE 28 (70,615) (66,758) GAINS / LOSSES ON FINANCIAL ASSETS AND LIABILITIES (net) ,853 59,162 Held for trading 30,510 11,910 Other financial assets at fair value through profit and loss account (1,952) 97 Financial instruments not measured at fair value through profit and loss account 76,902 45,987 Other (607) 1,168 EXCHANGE DIFFERENCES (net) 31 40,277 38,678 OTHER OPERATING INCOME , ,231 Income from insurance and reinsurance policies issued 667, ,960 Other operating income 30,461 29,271 OTHER OPERATING EXPENSES 33 (482,825) (482,315) Expenses on insurance and reinsurance policies (404,997) (455,442) Other operating expenses (77,828) (26,873) GROSS INCOME 1,254,041 1,104,480 ADMINISTRATIVE COST (599,004) (580,822) Personnel expenses 27 (342,498) (329,965) Other general administrative expenses 32 (256,506) (250,857) DEPRECIATION AND AMORTISATION 14/15 (65,865) (64,097) PROVISIONS (NET) 21 (21) (28,175) IMPAIRMENT LOSSES ON FINANCIAL ASSETS (NET) (419,028) (158,229) Loans and receivables 10 (410,356) (156,196) Other financial instruments not measured at fair value through profit and loss account 8 (8,672) (2,033) PROFIT FROM OPERATIONS 170, ,157 IMPAIRMENT LOSSES ON OTHER ASSETS (net) (536) (1,244) Goodwill and other intangible assets Other assets (536) (1,244) GAINS / LOSSES ON DERECOGNITION OF ASSETS NOT CLASSIFIED AS NON-CURRENT ASSETS HELD FOR SALE 34 39,301 25,205 NEGATIVE GOODWILL ON BUSINESS COMBINATIONS - - GAINS / LOSSES ON NON-CURRENT ASSETS HELD FOR SALE NOT CLASSIFIED AS DISCONTINUED OPERATIONS 34 (54,709) (56,970) PROFIT BEFORE TAX 154, ,148 INCOME TAX 42 (29,525) (58,921) PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS 124, ,227 PROFIT (LOSS) FROM DISCONTINUED OPERATIONS (net) - - CONSOLIDATED PROFIT FOR THE YEAR 124, ,227 Profit (loss) attributable to owners of the parent company 124, ,227 Profit (loss) attributable to non-controlling interests EARNINGS PER SHARE Basic earnings (euros) Diluted earnings (euros) (*) Shown solely for purposes of comparison Notes 1 to 49 contained in the report and Appendices I to IV form an integral part of the consolidated balance sheet as at 31 December Group Consolidated Annual Accounts 2012

7 BANKINTER GROUP, COMPREHENSIVE STATEMENTS OF CONSOLIDATED INCOME FOR THE YEARS ENDED 31 DECEMBER 2012 AND 2011() Financial year 2012 Financial year 2011 (*) CONSOLIDATED PROFIT FOR THE YEAR 124, ,227 OTHER COMPREHENSIVE INCOME 34,697 (8,852) Financial assets available for sale 46,275 (8,934) Gains (losses) on valuation 72,655 (3,202) Amounts transferred to profit and loss Other reclassifications Cash flow hedging (26,380) (5,732) Gains (losses) on valuation - - Amounts transferred to profit and loss - - Amounts transferred to the initial value of hedged items - - Other reclassifications - - Hedging of net investments in foreign operations - - Gains (losses) on valuation - - Amounts transferred to profit and loss Other reclassifications - - Exchange differences 2 7 Gains (losses) on translation 2 71 Amounts transferred to profit and loss Other reclassifications - (64) - - Non-current assets for sale - - Gains (losses) on valuation - - Amounts transferred to profit and loss Other reclassifications Actuarial gains (losses) on pension plans - - Entities accounted for using the equity method 2,302 (2,603) Gains (losses) on valuation 2,302 (2,603) Amounts transferred to profit and loss Other reclassifications Statement of comprehensive income - - Income tax (13,882) 2,678 TOTAL COMPREHENSIVE INCOME 159, ,375 Attributable to owners of the parent company 159, ,375 Attributable to non-controlling interests - - (*) Shown solely for purposes of comparison Notes 1 to 49 contained in the report and Appendices I to IV form an integral part of the consolidated balance sheet as at 31 December Group Consolidated Annual Accounts 2012

8 BANKINTER GROUP, COMPREHENSIVE STATEMENTS OF CHANGES IN CONSOLIDATED EQUITY FOR THE YEARS ENDED 31 DECEMBER 2012 AND 2011 () Capital Issue premium Accumulated reserves (losses) EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY Other equity instruments EQUITY Less: Treasury Shares End-of-year results attributed to the parent company Less: Dividends and remunerations Total Equity Valuation adjustments Total Noncontrolling interests Opening balance at 31/12/ , ,079 1,711, ,812 (742) 181,227 (58,516) 3,118,641 (31,645) 3,086,996-3,086,996 Adjustments due to changes in accounting criteria Adjustments due to errors Adjusted opening balance 143, ,079 1,711, ,812 (742) 181,227 (58,516) 3,118,641 (31,645) 3,086,996-3,086,996 Total comprehensive income , ,654 34, , ,351 Other changes in equity 26, ,107 78,076 (332,179) 516 (181,227) 12,391 (15,250) - (15,250) - (15,250) Increases in capital/endowment fund 26, ,107 - (332,179) ,994-74,994-74,994 Capital reductions Conversion of financial liabilities into capital Increases in other equity instruments Reclassification of financial liabilities to other equity instruments Reclassification of other equity instruments to financial liabilities Distribution of dividends / Shareholder remuneration (64,496) (64,496) - (64,496) - (64,496) Operations with shares / contributions to equity (net) - - 1, ,635-1,635-1,635 Transfer between net worth entries ,340 - (181,227) 76, Increases (reductions) in equity due to business combinations (net) Discretionary contributions to social funds and projects (Savings banks) Total net worth Payments with equity instruments - - (27,383) (27,383) - (27,383) - (27,383) Other increases (reductions) in equity Closing balance as at 31/12/ ,142 1,118,186 1,789,781 72,633 (226) 124,654 (46,125) 3,228,045 3,052 3,231,096-3,231,096 8 Group Consolidated Annual Accounts 2012

9 BANKINTER GROUP, COMPREHENSIVE STATEMENTS OF CHANGES IN CONSOLIDATED EQUITY FOR THE YEARS ENDED 31 DECEMBER 2012 AND 2011 () Capital Issue premium Accumulated reserves (losses) EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY Other equity instruments EQUITY Less: Treasury Shares End-of-year results attributed to the parent company Less: Dividends and remunerations Valuation adjustments Opening balance at 31/12/ , ,079 1,648,910 - (1,753) 150,730 (74,512) 2,602,488 (22,793) 2,579,695-2,579,695 Adjustments due to changes in accounting criteria Adjustments due to errors Adjusted opening balance 142, ,079 1,648,910 - (1,753) 150,730 (74,512) 2,602,488 (22,793) 2,579,695-2,579,695 Total comprehensive income , ,227 (8,852) 172, ,375 Other changes in equity 1,042 62, ,812 1,011 (150,730) 15, , , ,926 Total Equity Total Noncontrolling interests Increases in capital/endowment fund 1,042 (1,042) Capital reductions Conversion of financial liabilities into capital , , , ,000 Increases in other equity instruments , , , ,812 Reclassification of financial liabilities to other equity instruments Reclassification of other equity instruments to financial liabilities Total net worth Distribution of dividends / Shareholder remuneration (58,516) (58,516) - (58,516) - (58,516) Operations with shares / contributions to equity (net) , ,401-1,401-1,401 Transfer between net worth entries ,218 - (150,730) 74, Increases (reductions) in equity due to business combinations (net) Discretionary contributions to social funds and projects (Savings banks) Payments with equity instruments - - (12,771) (12,771) - (12,771) - (12,771) Other increases (reductions) in equity Closing balance as at 31/12/ , ,079 1,711, ,812 (742) 181,227 (58,516) 3,118,641 (31,645) 3,086,996-3,086,996 (*) Shown solely for purposes of comparison Notes 1 to 49 contained in the report and Appendices I to IV form an integral part of the consolidated balance sheet as at 31 December Group Consolidated Annual Accounts 2012

10 BANKINTER GROUP, CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 2012 AND 2011 () (*) NET CASH FLOW FROM OPERATING ACTIVITIES (132,587) 186,683 Consolidated profit for the year 124, ,227 Adjustments to obtain cash flow from operating activities 514, ,560 Depreciation and Amortisation 65,865 64,097 Other adjustments 448, ,463 Net increase/decrease in operating assets 740,429 (5,257,528) Held for trading 306,242 (539,674) Other financial assets at fair value through profit or loss (8,483) 4,351 Financial assets available for sale (1,318,747) (1,684,541) Loans and receivables 1,880,506 (3,153,285) Other operating assets (119,089) 115,621 Net increase/decrease in operating liabilities (1,576,509) 4,925,031 Held for trading (563,260) 417,155 Other financial liabilities at fair value through profit or loss - (88,745) Financial liabilities at amortised cost (990,455) 4,528,111 Other operating liabilities (22,794) 68,510 Corporation tax collections/payments 64,452 34,393 NET CASH FLOW FROM INVESTING ACTIVITIES 515,325 88,879 Payments (24,776) (96,239) Tangible assets (15,969) (86,202) Intangible assets (8,807) (8,618) Investments - (1,419) Non-current assets held for sale and associated liabilities - - Held to maturity investments - - Collections 540, ,118 Tangible assets 1,602 37,487 Intangible assets - - Investments 35,713 2,000 Non-current assets held for sale and associated liabilities 112,680 54,988 Held to maturity investments 390,106 90,643 NET CASH FLOW FROM FINANCING ACTIVITIES 4, ,754 Payments (147,228) (88,067) Dividends (72,160) (58,352) Subordinated liabilities - - Acquisition of own equity instruments - - Other payments linked to financing activities (75,068) (29,715) Collections 152, ,821 Subordinated liabilities - - Issue of own equity instruments - 211,568 Disposal of own equity instruments 77,099 31,380 Other inflows linked to financing activities 74,993 5,873 EFFECT OF EXCHANGE-RATE VARIATIONS - - NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D) 387, ,316 CASH AND CASH EQUIVALENTS AT START OF PERIOD 632, ,401 CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,020, ,717 MEMORANDUM ITEMS: BREAKDOWN OF CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,020, ,717 Cash 120, ,751 Balances equivalent to cash with central banks 544, ,044 Other financial assets 354, ,922 Total cash and cash equivalents at end of period 1,020, ,717 (*) Shown solely for purposes of comparison Notes 1 to 49 contained in the report and Appendices I to IV form an integral part of the consolidated balance sheet as at 31 December Group Consolidated Annual Accounts 2012

11 Group 2. Accounting principles applied Consolidated Report on the year ended 31 December December Nature of the Group and its activities and composition, S.A. was incorporated by public deed executed in Madrid on 4 June 1965 under the name Banco Intercontinental Español, S.A. Its name was changed to the current one on 24 July It is registered in the Special Registry of Banks and Bankers. Its tax identification number is A and itb belongs to the Deposit Guarantee Fund under code number Its registered offices are located at Paseo de la Castellana number 29, Madrid, Spain. The corporate object of, S.A. (hereinafter referred to as the Bank or the Entity) comprises banking activities subject to the rules and regulations governing banks operating in Spain. In addition to its direct operations, the Bank is the parent company of a group of subsidiary companies dedicated to a variety of activities (mainly asset management, credit cards and the insurance business) which, together with the Bank, make up the Group (hereinafter referred to as the 'Group' or the ' Group'). Consequently, in addition to its own individual financial statements, the Bank is obliged to draw up consolidated financial statements for the Group, which also include holdings in joint businesses and investments in associates. The subsidiaries forming the Group are listed in Note 13 'Investments'. The Group's consolidated financial statements have been drawn up in accordance with the accounting principles described in the section "Accounting principles and Valuation Rules Applied." The balance sheets of, S.A. as at 31 December 2012 and 2011 and the income statements for the years then ended are shown in Appendix III. a) Rules for the presentation of the annual accounts In accordance with EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19 July 2002, all companies governed by the law of a member state of the European Union and whose securities are admitted to trading on a regulated market of any member state must present their consolidated financial statements for each financial year starting on or after 1 January 2005 in accordance with the International Financial Reporting Standards (IFRS) previously adopted by the European Union. To adapt the accounting system of Spanish credit institutions to the new regulations, the Bank of Spain published Circular 4/2004 of 22 December on Rules for Public and Reserved Financial Information and Model Financial Statements. The Group s consolidated financial statements for the year ended 31 December 2012 were approved by the Bank s Directors in a meeting of the Board of Directors held on 20 February 2013, in accordance with the regulatory framework applying to the Group as established in the Spanish Commercial Code and other commercial legislation and with the International Financial Reporting Standards adopted by the European Union and taking account of Bank of Spain Circular 4/2004 applying the principles of consolidation, accounting policies, and valuation criteria described in Note 5 to the consolidated financial statements so as to give a true and fair view of the Group s financial situation as at 31 December 2012 and of the results of its operations, its comprehensive income and cash flows for These financial statements for 2012 are pending approval by the General Meeting of Shareholders. However, the Bank's Board of Directors believes that these accounts will be approved without modifications. The Group's consolidated financial statements for 2011 were approved by the General Meeting of Shareholders held on 15 March In accordance with the options established in IAS 1.81, the Group has opted to present separate statements, one displaying components of consolidated results ( Consolidated income statement ) and a second statement which, beginning with those consolidated results, displays components of other comprehensive income ( Statement of comprehensive income ). In Spanish it is referred to using the terminology of Bank of Spain Circular 4/ Group Consolidated Annual Accounts 2012

12 All figures in this report referring to financial year 2011 are presented solely for purposes of comparison. The accounting policies and methods used to prepare these financial statements are the same as those applied in drawing up the consolidated financial statements for 2011, taking account of the standards and interpretations that came into effect in In this respect we would highlight the following: Standards and interpretations effective in the year under review During 2012 the following standards and interpretations adopted by the European Union and the Group came into force, with none of them having a significant impact on the consolidated financial statements: - Amendment to IFRS 7 Financial instruments: Breakdowns - Transfers of financial assets. Tightens the disclosure requirements applying to transfers of assets, both in cases where the assets are not removed from the Balance Sheet and, more particularly, those where an asset is removed from the Balance Sheet but the entity has some kind of continued involvement. - Amendment to IAS 12 Income taxes Deferred tax relating to investment property: The fundamental change is the introduction of an exception to the general principles of IAS 12 which affects deferred tax on investment property, which the Group values using the fair value model in IAS 40 Investment Property based on the assumption, for purposes of calculating deferred taxation, that the carrying amount of these assets will be recovered in full through their sale. No significant effects on the Group s financial statements have arisen from application of the aforementioned accounting standards. In addition, at the date of preparation of these financial statements the following standards and interpretations whose effective date is subsequent to 31 December 2012, had come into force: - IFRS 10 Consolidated financial statements. (Mandatory for financial years starting 1 January 2014 or later, early application permitted) This standard replaces the current IAS 27 and SIC 12, introducing a single consolidation model based on control, irrespective of the nature of the investee. It changes the current definition of control. The new definition of control consists of three conditions to be met: the investor s power over the investee; that the investor is exposed, or has rights, to variable returns from its investment; and that it has the ability to affect those returns by exercising that control. - IFRS 11: Joint arrangements - replaces IAS 31 as currently in force. The basic change from the current standard is that proportional consolidation may no longer be applied to joint ventures, which must now be accounted for using the equity method. - IFRS 12: Disclosures of interests in other entities. IFRS 12 is a disclosure standard bringing together all the disclosure requirements, including new ones, relating to interests in other entities, be they subsidiaries, associates, joint arrangements or other interests. The Group is presently analysing the possible effects of these standards (IFRS 10, 11 and 12). based on the analysis so far, the Group does not expect the application of these standards to have a significant effect on its consolidated financial statements. - IFRS 13: Fair value measurement. This new standard sets out in a single IFRS a framework for measuring the fair value of assets and liabilities measured in this way as required by other standards. IFRS 13 changes the current definition of fair value, introduces new, more nuanced criteria and also adds to disclosure requirements. - IAS 27: Separate financial statements and IAS 28: Investments in associates and joint ventures. The amendments to IAS 27 and IAS 28 are in parallel with the issue of the new IFRS (IFRS 10, IFRS 11 and IFRS 12) referred to above. - Amendment to IAS 1 Presentation of Other Comprehensive Income: consisting in the obligation to present separate totals of components of Other Comprehensive Income according to whether or not they will subsequently be reclassified to profit or loss. - Amendment to IAS 19 Employee benefits. The fundamental change in this amendment to IAS 19 will affect the accounting treatment of defined benefit plans, since it eliminates the corridor approach. At present it is possible to opt to defer a certain portion of actuarial gains and losses. Starting from when the 12 Group Consolidated Annual Accounts 2012

13 amendment comes into force all actuarial gains and losses will be recognised in OCI as they occur. It includes significant changes to the way cost components are presented, such that service costs (past-service, reductions and settlements) and net interest will be recognised in profit or loss, while the revaluation component (basically actuarial gains and losses) will be charged or credited to equity (valuation adjustments) and will not be reclassified to profit or loss. In accordance with IAS 8, this change in accounting standard involves a change in accounting policy, and as such must be applied retroactively from 1 January 2013, restating the starting balances of equity for the oldest preceding period so that it is presented as if the new accounting policy had always been applied. It will also involve changes in the grouping and presentation of cost components in the statement of comprehensive income. - Amendment to IAS 32: Offsetting of financial assets and liabilities and Amendment to IFRS 7 Disclosures: Offsetting of financial assets and liabilities. The amendment to IAS 32 introduces a series of additional clarifications in the application guidance on requirements for offsetting financial assets and liabilities on the Balance Sheet. IAS 32 already states that financial assets and liabilities can be offset only when the entity currently has a legally enforceable right to offset the recognised amounts. The amended application guidance indicates, among other considerations, that in order to meet this condition, the right to offset must not be dependent on future events and must be legally enforceable, both in the normal course of business and in case of default, insolvency or bankruptcy of the entity and all counterparties. - The parallel amendment to IFRS 7 introduces a specific section of new disclosure requirements for financial assets and liabilities that are shown net in the Balance Sheet and also for other financial instruments that are subject to an enforceable offset agreement or similar, irrespective of whether or not they are shown net in accounting terms in accordance with IAS 32. Lastly, as at the date on which these consolidated financial statements were approved, the following standards and interpretations which come into force after 31 December 2012 were pending adoption by the European Union: - IFRS 9 Financial instruments: Classification and measurement - IFRS 9 will in future replace the parts of IAS 39 that relate to the classification and measurement of financial instruments. There are very significant changes from the present standard. IFRS 9 requires financial assets to be classified into just two measurement categories: those measured at fair value and those measured at amortised cost. The current categories "Held-to-maturity investments" and "Available-for-sale financial assets" will no longer exist. Impairment will in effect apply only to assets recognised at amortised cost, and embedded derivatives will no longer be separately accounted for. As regards financial liabilities, the classification categories proposed for IFRS 9 are similar to the current ones under IAS Improvements to IFRS, reporting cycle: Minor amendments to a number of standards - Transitional rules for amendments to IFRS 10, 11 and 12: Clarification of the transitional rules for these standards. The Group has yet to assess the impact of these standards. All accounting policies and valuation criteria having a significant effect on the consolidated financial statements were applied in drawing up these statements. Restructuring and recapitalisation of the Spanish banking sector During the first half of 2012 the Spanish government pushed through a process of structural reform which included a number of measures aimed at cleaning up the balance sheets of Spanish credit institutions affected by the impairment undergone by their property-related assets. The main milestones were the approval, on 3 February and 18 May respectively, of Royal Decree-Laws 2/2012 and 18/2012 on the restructuring of the financial sector, which revised the minimum percentage provisions required to cover impairments relating to financing for the Spanish property sector as well as impairments to foreclosed or repossessed assets and those received in payment of debt arising from financing to the sector. These requirements involve additional provisions to those resulting from the application of the minimum percentages previously established by the Bank of Spain for problem loans. During 2012 the Group evaluated the impairment suffered in the period, recognising the corresponding additions to provisions (see Notes 10 and 12) such that at year-end the legal requirements were fully covered. 13 Group Consolidated Annual Accounts 2012

14 Royal Decree-Law 24/2012 on the restructuring and resolution of credit institutions, approved on 31 August 2012, aims to regulate credit institutions' early intervention, restructuring and resolution processes, as well as establishing the legal regime of the FROB ( Fondo de Reestructuración Ordenada Bancaria or Fund for the Orderly Restructuring of Banks) and its general framework of action, with a view to protecting the stability of the financial system while keeping the use of public funds to a minimum. It also changes the requirements and definition of core capital with which both consolidated groups of credit institutions and credit institutions not belonging to a consolidated group must comply, establishing a single requirement of 9% of risk-weighted exposure to be met from 1 January Law 8/2012 of 30 October on the cleaning up and sale of property assets in the financial sector, approved on 31 October 2012, is intended to insulate and provide market access to assets whose inclusion in the institutions' balance sheets is hampering credit recovery. To this end it provides for the mandatory incorporation of companies known as SGAs ( sociedades de gestión de activos or asset management companies) to which the credit institutions will have to transfer all properties foreclosed or received in payment of debts relating to land for real estate development or to property construction or developments. They will also have to transfer other repossessed assets and assets received in payment of debts after 31 December The deadline for complying with this legal obligation was 31 December Lastly, the following standards were approved as part of the reform of the financial sector: - Law 9/2012 of 14 November on the restructuring and resolution of credit institutions, approved on 15 November 2012, aims to regulate credit institutions' early intervention, restructuring and resolution processes, as well as establishing the legal regime of the FROB ( Fondo de Reestructuración Ordenada Bancaria or Fund for the Orderly Restructuring of Banks) and its general framework of action, with a view to protecting the stability of the financial system while keeping the use of public funds to a minimum. - Royal Decree 1559/2012 of 15 November, approved on 16 November 2012, establishes the legal regime for SGAs and develops the organisational and operational rules for them, as well as the legal framework applicable to the creation of the SAREB ( Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria or Company for Managing Assets resulting from Bank Restructuring) and the assets transferred to it. b) Accounting standards and valuation rules In preparing the consolidated financial statements, the generally accepted accounting principles and valuation rules referred to in Note 5 as "Accounting principles and valuation rules applied" have been followed. Unless otherwise indicated, these consolidated financial statements are presented in thousands of euros. c) Opinions and estimates used The information contained in these consolidated financial statements is the responsibility of the Bank's Directors. In valuing certain assets, liabilities, revenues, expenses and commitments, use has been made as necessary of estimates made by the Group's Senior Management and ratified by its Directors. These estimates relate mainly to: - impairment losses on certain assets (Note 10) - the useful life attributed to tangible and non-tangible assets (Notes 14 and 15) - the fair value of certain unlisted assets (Note 43) - the actuarial assumptions used to calculate liabilities and commitments for postemployment benefits (Note 27) - the calculation of provisions (Note 21) Although these estimates have been made based on the best information available as at 31 December 2012 on the items concerned, it is possible that future events might require them to be revised in coming financial years. Any such revision would be carried out prospectively, in accordance with the provisions of IFRS 8, recognising the effects of the change in the corresponding profit and loss account in the financial years affected. d) Consolidation principles The Group has been defined in accordance with current applicable accounting regulations. Group Companies comprise Subsidiaries, Joint Arrangements and Associates. 14 Group Consolidated Annual Accounts 2012

15 Subsidiaries are entities forming a single decision-making unit with the parent company, in other words entities over which the parent company has the power to exert control directly or indirectly through other Group Companies. This power to exert control is generally, although not invariably, reflected in the parent company's holding, directly or indirectly through one or more other Group Companies, 50% or more of the voting rights in the Group Company. Control means the power to govern the financial and operating policies of a Group Company with a view to obtaining benefits from its activities, and may be exerted even if the abovementioned percentage of voting rights is not held. Key information on investments in subsidiaries as at 31 December 2012 and 2011 is given in Note 13. In 2012 there was no company considered to be a subsidiary in which the Group s holding was less than 50%. The overall integration procedure for the annual accounts of dependent entities has been applied to the consolidation process. Consequently, all significant inter-company balances and transactions have been eliminated in the consolidation process. Third party or minority interests in the Group's equity are presented under the heading Noncontrolling interests in the consolidated balance sheet and the portion of the year's profit attributable to them is shown under Profit (loss) attributable to non-controlling interests in the consolidated income statement. Results generated by entities acquired by the Group during the financial year are consolidated only insofar as they relate to the period between the date of acquisition and year-end. Similarly, results generated by entities disposed of by the Group during the financial year are consolidated only insofar as they relate to the period between the beginning of the financial year and the date of the disposal. Joint Arrangements are Group Companies which, while not being Subsidiaries, are jointly controlled by the Group and by one or more other entities not related to the Group (Joint Ventures), and Joint Operations. Joint Operations are contractual agreements by virtue of which two or more entities or participants perform transactions or maintain assets in such a way that any financial or operational strategic decision which affects them requires the unanimous consent of all participants, without these transactions or assets being integrated in financial structures different from those of the two participants. Joint Arrangements are accounted for using the equity method, applying the exceptions provided for in current applicable accounting regulations. Relevant information on investments in Joint Arrangements as at 31 December 2012 and 2011 is presented in Note 13. Associates are those over which the Group has a significant influence. Said significant influence is generally, although not invariably, reflected in the parent company's holding, directly or indirectly through one or more other Group Companies, 20% or more of the voting rights in the Group Company. The equity method for associated entities has been applied to the consolidation process. Consequently, investments in Associates are valued at the proportion represented by the Group's holding in their capital, less dividends received and any other eliminations in equity. Transactions with Associates are eliminated in the proportion represented by the Group's holding. If an Associate's equity is negative as a result of losses incurred, it is shown as zero in the Group's consolidated balance sheet unless the Group is under an obligation to support it financially. The relevant information on stockholdings in associates as at 31 December 2012 and 2011 is included in Note 13. In 2012 there was no investment in any company considered to be an Associate in which the Group's holding was less than 20%. During the year, Sociedad Canarias Excelencia en SIM, S.L. was wound up, having ceased trading, and is no longer included in the consolidation scope. Note 13 includes information on the most significant acquisitions and disposals during the year of investments in Subsidiaries, Joint Arrangements and Associates. In the third quarter of 2010,, S.A. set up Gneis Global Services, S.A., which has as its corporate object the provision of business advisory and consulting services for the design and implementation of technological and operational systems. This company is fully consolidated in the Group financial statements. Business combinations are operations whereby two or more entities or economic units combine to become a single entity or group of companies. Thus at 31 December 2012 and 2011, Vida, in which the Group has a 50% holding, was accounted for using the equity method. e) Comparison of information In accordance with business law, the Directors present the information contained in this report referring to 2011 exclusively for purposes of comparison with the 2012 figures, and therefore it does not constitute the Group's consolidated financial statements for Group Consolidated Annual Accounts 2012

16 f) Equity Bank of Spain Circular 3/2008 of 22 May for credit institutions on determining and controlling minimum equity, regulates the minimum equity to be maintained by Spanish credit institutions - both individually and as a consolidated group - and the way in which said equity is to be determined, as well as the various processes for capital self-assessment to be carried out by the institutions and the public information they must forward to the market. During 2012 the Group applied this Circular as updated by successive provisions. With Bank of Spain approval, the Group uses the internal ratings based (IRB) method to calculate capital requirements for the credit risk on certain credit exposures, and the standard method for all other exposures. In subsequent financial years, in accordance with the progressive implementation plan described in Rule 24 of Circular 3/2008 and subject to authorisation from the Bank of Spain, new portfolios will be incorporated into the IRB Approach. The goal set by the Group s Management in relation to equity management consists in complying at all times with the applicable regulations, in accordance with the risks inherent in its activity and the context in which it operates, while at the same time seeking to make the process as efficient as possible. Capital consumption, together with other risk and return variables, is considered a fundamental variable in the analyses associated with the Group s investment decisions. In order to meet this goal, the Group has a series of policies and processes for managing equity, the main guidelines in which are: - The Equity Directorate, which is under the Capital Market Division, performs monitoring and control of solvency ratios, and has warning systems that ensure that the applicable rules are being applied at all times and that the decisions made by the various departments and units in the entity are consistent with the targets set for compliance with minimum capital requirements. Accordingly, there are contingency plans to ensure that the limits laid down in the applicable regulations are met. - The impact that decisions will have on the Group s equity and on the balance between capital consumption, risk and return, is taken into account as a key factor in planning, analysing and monitoring the Group's operations. Thus, the Group considers equity and the capital requirements established by the abovementioned regulations to be a key factor in its management, affecting the entity s investment decisions, the analysis of the viability of any transaction, strategy for the distribution of results by subsidiaries and issues by the entity and the Group, etc. Bank of Spain Circular 3/2008 of 22 May and complementary provisions (information available - in Spanish - on the Bank of Spain s website, at: secciones/normativas/regulacion_de_en/estatal/solvencia_y_recursos_propios.html) establishes which items are to be counted as capital for the purpose of complying with the minimum requirements established. For the purposes of the above rule, equity is classified as basic and second category equity and it differs from equity as calculated in accordance with EU-IFRS as it includes certain items that are not included under EU-IFRS and excludes others that are. In addition, the methods to be implemented for the consolidation and appraisal of holdings for the purposes of calculating the Group s minimum equity requirements differ, in accordance with standing regulations, from those implemented in drawing up these annual consolidated accounts, which also leads to the existence of differences for the purposes of calculating equity under one regulation or the other. As regards the conceptual definitions, the Group's management of its shareholders' equity is in compliance with the terms of Bank of Spain Circular 3/2008. Accordingly, the Group deems computable equity to be as indicated in rule 8 of Bank of Spain Circular 3/2008. The minimum equity requirements laid down in this Circular are calculated according to the Group s exposure to credit risk and dilution (depending on the assets, commitments and other memorandum accounts these risks present, in accordance with their amounts, characteristics, counterparties, guarantees, etc.), the counterparty, position and settlement risks on the trading portfolio, the exchange and gold position risk (depending on the net global position in foreign currency and the net gold position) and operational risk. In addition, the Group is also subject to compliance with the risk concentration limits laid down in the aforementioned Circular and the Group is subject to compliance with the internal Corporate Governance obligations, capital self-assessment and measurement of the interest-rate risk and the public information obligations to be forwarded to the market, which are also laid down in the aforementioned Circular. With a view to guaranteeing compliance with the aforementioned targets, the Group performs integrated management of these risks, in accordance with the aforementioned policies. 16 Group Consolidated Annual Accounts 2012

17 As at 31 December 2012 and 2011 and throughout the years then ended, the computable equity of the Group and of the Group entities subject to this obligation, considered on an individual basis, exceeded the requirements laid down under the rules referred to. Consolidated equity as at 31 December 2012 and 2011 and the corresponding capital ratios are shown in the following table: 31/12/2012 (*) 31/12/2011 (*) Capital and Reserves 2,991,426 2,554,154 Other equity instruments 72, ,812 Preference shares 60, ,165 Treasury shares (226) (742) Intangible and other assets (283,117) (296,820) Other deductions (103,581) (165,736) Tier 1 2,737,979 2,663,833 Revaluation reserve 94,308 97,998 Subordinated financing 568, ,232 Generic insolvency funds - 54,678 Other deductions (96,551) (154,243) Tier 2 566, ,665 Total Equity 3,304,422 3,320,498 Risk-weighted assets 25,424,253 28,454,731 Tier 1 (%) Tier 2 (%) Capital ratio (%) (*) Figures in accordance with Bank of Spain Circular 3/2008 on determining and controlling minimum equity. The lower limit of shareholders equity requirements provided for in Transitional Provision Eight of the aforementioned Circular is not applied. Internal models are applied to the following portfolios: Home mortgages for private individuals, Small companies, Medium-sized companies, Project Finance and Unsecured loans. During 2012 there were some important changes in standards relating to financial institutions' solvency: Royal Decree-Law 2/2012, of 3 February, on the restructuring of the financial sector, established among other things provisioning requirements for financing and assets foreclosed or received in payment of debt relating to the property sector, as well as increased core capital coverage requirements for real estate assets. Royal Decree-Law 18/2012, of 11 May, on the write-down and sale of real estate assets in the financial sector, established additional coverage requirements to those established in Royal Decree-Law 2/2012, for impairment of financing linked to real estate activity classified as standard risk. Royal Decree-Law 24/2012, of 31 August, on the restructuring and resolution of credit institutions, defines the regime for restructuring and resolution of entities and includes measures for improving protection of retail investors who subscribe to financial products not covered by the Deposit Guarantee Fund and modifies the requirements and definition of core capital that credit institutions will have to comply with starting in The definition is adjusted to bring it into line with the core tier 1 capita criteria of the European Banking Authority (EBA), and the minimum level of core capital is set at 9% with effect from 1 January complied throughout 2012 with these new regulatory requirements, and with the objective of meeting the new capital requirements it undertook a number of financial transactions aimed to strengthen its capital base, as described hereunder. With regard to the 2011 issue of Mandatorily Convertible Subordinated Bonds, in March 2012 the General Meeting of Shareholders approved the establishment of an additional, voluntary conversion period and of special remuneration for those holders voluntarily converting their bonds during that period. The details of this conversion are contained in the 14 February 2012 announcement of the calling of the AGM. The voluntary conversion period ended on 10 May, and as a result the Bank s core capital increased by 332 million. Apart from this, in July 2012 the Board of Directors, by virtue of the authorisation granted it by the General Meeting of Shareholders, made a public offer to holders of preferred shares. The terms and conditions of this offer were summarised in the Significant Event report sent to the CNMV (Spain s securities regulator) on 18 July As a result of this transaction the Bank s core capita increased by 75 million. Thanks to these transactions the Bank s capital ratios increased during the year. As at 31 December 2012 the core capital ratio in accordance with Royal Decree-Law 2/2011 as in force was 11.19% (9.47% at year-end 2011). 17 Group Consolidated Annual Accounts 2012

18 g) Minimum reserve ratio 3. Appropriation of profit (loss) Monetary Circular 1/1998 of 29 September, effective 1 January 1999, abolished the cash coefficient which had been in place for ten years and replaced it with the minimum reserve ratio. As at 31 December 2012 and 2011 and throughout the years then ended, the consolidated entities complied with the minimum amounts for this coefficient required by applicable Spanish regulations. The amount of cash which the Group held immobilised on account with the Bank of Spain for this purpose stood at million and million as at 31 December 2012 and 2011 respectively, although the obligation of the various Group companies subject to this coefficient to maintain the balance required by applicable regulations in order to comply with the aforementioned minimum reserves coefficient is calculated on the average of closing balances for the day held by each of them in this account during the period for which it is maintained. h) Information on deferrals in payments to suppliers. Third additional provision. "Duty of information" in Law 15/2010 of 5 July The following information is provided in order to comply with the provisions of Law 15/2010 of 5 July amending Law 3/2004 of 29 December, establishing measures to combat payment delinquency in commercial transactions, as implemented by the Resolution of 29 December 2010 of the Spanish Accounting and Audit Institute on disclosures to be included in the notes to the financial statements with regard to delayed payments to suppliers in commercial transactions: Amounts paid and pending payment as at year end Amount % Amount % Paid within the maximum legal 798, % 718, % timeframe Other Total payments for the year 798, % 718, % Weighted average days past due Deferrals which exceed the legal maximum term as at year-end The legal timeframe has been defined in accordance with that which corresponds depending on the nature of the good or service received by the company under the terms of Act 3/2004, of 29 December, defining measures to combat default in trade operations. The proposal to distribute the profits of, S.A. for the year ending 31 December 2012, made by the bank's administrators and subject to the approval of the General Shareholders Meeting is as follows: 31/12/ /12/2011 Appropriation: Voluntary reserves 86,708 76,529 Interim dividend 61,500 76,887 Profit appropriated 148, ,416 Profit (loss) for the year 148, ,416 Details of interim dividends distributed and the corresponding liquidity statements are given in Note 22. The proposed appropriation of profit for the year ended 31 December 2012 of the subsidiaries of, S.A. drawn up by their respective Directors and pending approval by the respective General Shareholders Meetings is as follows: Earnings Dividend Reserves Applications Consultoría, Asesoramiento, y Atención Telefónica, S.A Seguros Generales, S.A (formerly Servicios de Consultoría S.A) Gestión de Activos, S.A., S.G.I.I.C. 11,026 11, Hispamarket, S.A. (4,929) - (4,929) - Intermobiliaria, S.A. (79,428) - (79,428) - Consumer Finance, E.F.C, S.A. 22,149 11,075 11,074 - Capital Riesgo, S.G.F.C.R, S.A Sociedad de Financiación, S.A. (8) - (8) - Emisiones, S.A Capital Riesgo I Fondo Capital 1,426-1,426 - Línea Directa Aseguradora, S.A. 86,605-86,605 - Arroyo Business Consulting Development, S.L Relanza Gestión, S.A Gneis Global Services S.A. 13,992-13, Group Consolidated Annual Accounts 2012

19 The appropriation of profits for the year ended 31 December 2011 of the subsidiaries of, S.A., approved by their respective General Shareholders Meetings, was as follows: Earnings Dividend Reserves Applications Consultoría, Asesoramiento, y Atención Telefónica, S.A. (41) - (41) - Seguros Generales, S.A (formerly Servicios de Consultoría S.A) Gestión de Activos, S.A., S.G.I.I.C. 10,664 10, Hispamarket, S.A Intermobiliaria, S.A. (68,719) - (68,719) - Consumer Finance, E.F.C, S.A. 11,210 5,600 1,340 4,270 Capital Riesgo, S.G.F.C.R, S.A Sociedad de Financiación, S.A. (842) - (842) - Emisiones, S.A Capital Riesgo I Fondo Capital Línea Directa Aseguradora, S.A. 74,869 33,500 41,369 - Arroyo Business Consulting Development, S.L Relanza Gestión, S.A Gneis Global Services S.A. 2,898 1,800 1, Deposit Guarantee Fund Royal Decree Law 16/2011, of 14 October, created the Credit Institution Deposit Guarantee Fund, following the merging of the three previously existing deposit guarantee funds into a single Credit Institution Deposit Guarantee Fund, which retains the functions and characteristic features of the three funds it replaced. This Royal Decree-Law increased the legal limit on banks annual contributions from 0.2% to 0.3% to ensure that the fund has maximum operating capacity. Additionally, the Ministerial Orders establishing optional short-term reductions in contributions to 0.06%, 0.08% or 0.1% depending on the type of entity, were repealed. The result of these two changes is that there is now a limit of 0.3% on contributions for guaranteed deposits and a real contribution of 0.2% instead of the percentages referred to above. a. In the case of term deposits or similar instruments at terms of up to three months whose agreed annual interest is more than 150 basis points higher than average three-month EURIBOR; or more than 150 basis points higher than average sixmonth EURIBOR for terms of between three months and one year, or more than 100 basis points higher than average one-year EURIBOR for terms of one year or more. b. In the case of sight deposits whose annual interest paid in the periodic settlement of the account is more than 100 basis points higher than average one-month EURIBOR. The treatment of contributions to the Fund is changed, by applying a 500% weighting to the amounts of deposits whose agreed remuneration is in excess of the above limits. The difference between this (weighted) contribution and the contribution that would apply in the absence of these circumstances had to be paid in to the Fund every quarter. With the publication during 2012 of Royal Decree Law 24/2012, of 31 August, on the restructuring and resolution of credit institutions, this requirement was cancelled. This past year saw the publication of Royal Decree Law 2/2012, of 3 February, on restructuring of the financial sector, whereby, by virtue of the provisions of Royal Decree Law 19/2011, of 2 December, amending Royal Decree Law 16/2011, of 14 October, creating the Credit Institution Deposit Guarantee Fund, on the carrying out of the actions necessary to restore the Fund to sufficiency, on 30 July 2012 the Management Committee of the Credit Institution Deposit Guarantee Fund adopted a resolution to apply a surcharge to member entities, estimated based on the contributions made as of 31 December 2011 and payable in equal annual payments over the next ten years. Royal Decree Law 24/2012, of 31 August, on restructuring and resolution of credit institutions, establishes, subject to Bank of Spain, decisions that the Deposit Guarantee Fund shall reimburse the amounts of guaranteed deposits when a deposit that is due and payable is unpaid, always providing no proceedings have been initiated to resolve the entity. In this respect the Fund may adopt measures in support of the resolution of a credit institution such as granting guarantees or loans and acquiring assets or liabilities, either carrying out such actions itself or entrusting them to a third party. The Bank is a member of the Deposit Guarantee Fund. Additionally, Bank of Spain Circular 3/2011 of 30 June laid down the rules for applying the changes introduced by Royal Decree 771/2011, of 3 June, amending Royal Decree Law 216/2008, of 15 February on guaranteed deposits remunerated in excess of any of the following limits: The cost for 2012 and 2011 of the company s contributions to the Deposit Guarantee Fund was million and million respectively. These costs are included under the heading Other operating charges in the Income Statement (Note 33). 19 Group Consolidated Annual Accounts 2012

20 5. Accounting principles and valuation rules applied These consolidated financial statements have been prepared in accordance with the accounting principles and valuation rules currently in effect. A summary of the most important of these is given below: a) Going-concern principle In preparing the consolidated financial statements it was assumed that the management of the entities included in the Group will continue for the foreseeable future. Therefore, application of accounting standards is not aimed at determining the value of the consolidated equity with a view to their total or partial disposal or the amount that would result in the event of their liquidation. b) Accrual principle These consolidated financial statements, with the exception of the statements of cash flows, have been prepared based on the real flow of goods and services, regardless of the payment or receipt dates, with the exception of the interest relating to loan and receivables and other non-investment risks with borrowers deemed to be impaired, which are credited to profit and loss at the time they are collected. The accrual of interest on both lending and deposit transactions with settlement periods in excess of 12 months, are calculated using the financial method. For transactions with a lesser period, accrual is performed using either the financial method or the linear method. Following general financial practice, transactions are recognised on the date they occur, which may differ from their corresponding value date on which financial revenue and expense calculations are based. c) Transactions and balances in foreign currency i. Functional Currency: The Group s functional currency is the euro. Consequently all balances and transactions denominated in a currency other than the euro are considered to be denominated in foreign currency. ii. Criteria for conversion of foreign currency balances: - Monetary assets and liabilities have been converted into euros using the average spot exchange rates in the currency market at year end. - Non-monetary items valued at historical cost have been converted into euros using the exchange rates of the date of acquisition. - Non-monetary entries valued at fair value have been converted into euros using the exchange rates of the date on which the fair value was determined. - Revenue and expenses have been converted into euros using exchange rates of the date of the transaction (using the average exchange rates for the year for all transactions performed in that year). Depreciation and amortisation have been converted into euros at the exchange rate applied to the corresponding asset. Exchange rate differences have been recognised in consolidated profit and loss except for differences arising in non-monetary items at fair value, for which fair value adjustments are recognised directly in equity. d) Consolidated statements of cash flow The Group used the indirect method to prepare the cash flow statements, which use the following expressions and classification criteria: - Cash flows: inflows and outflows of cash and cash equivalents; cash equivalents are understood as short-term investments with high liquidity and a low risk of alterations to their value. Cash and cash equivalents refer to the balances shown under the heading Cash and deposits with central banks as well as other accounts with highly liquid credit institutions in the enclosed balance sheets. - Operating activities: typical activities of credit institutions, and other activities that cannot be classified as investing or financing. - Investing activities: acquisition, disposal or provision by other means of long-term assets and other investments not included in cash and cash equivalents. - Financing activities: activities that produce changes in the size and composition of liabilities and equity and which do not form part of operating activities. Balances and transactions in foreign currency have been converted into euros using the following conversion rules: 20 Group Consolidated Annual Accounts 2012

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